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PhDs Can't Find Work as Boston's Biotech Engine Sputters

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Re: PhDs Can't Find Work as Boston's Biotech Engine Sputters

#11
post #5

Plenty of unemployable PhDs here Australia. I know one who is tutoring high school students to earn a living. His thesis was on phycology and the production of sustainable fuels. A nuclear physicist with a PhD is unemployable and is retraining as a data scientist. Another phycologist is retraining as a counsellor. A molecular biologist is running a plant shop. The first phycologist is charming but a century ago, he w…

Personally I wouldn't have posted this. It has tones which can only be hurtful, to somebody you presumably know.

more pointedly: the commenter presumes that the friends are unhappy with their lives. Also that some them would be better served performing back-breaking menial low-wage labor while otherwise being illiterate. Any PhD (even one in specializing in Plankton and especially nuclear physics/engineering) would equip you with a bunch transferable skills that normally would be valued in a modern society ... 1) public speaking 2) initiative 3) resourcefulness 4) analysis and communication etc etc. If I was being uncharitable I would say finance and law are actually worse for society: at least the subset of those that get paid the highest with respect to their impact on the broader society (but that is debatable).

Re: PhDs Can't Find Work as Boston's Biotech Engine Sputters

#12
post #8

Earlier quoted context omitted.

Pretty sure they’re talking about graduate degrees and academia as an occupation, not getting a bachelor’s in order to join the white collar workforce.

> they’re talking about graduate degrees and academia as an occupation PhDs have the lowest unemployment rate of any education bracket, and roughly match the earnings of professional-degree holders ( e.g. MBAs) [1]. [1] https://www.bls.gov/careeroutlook/2025/data-on-display/educa...

Yes, but that’s not the relevant datum, because of selection effects. The relevant question is how well employed is the person who had a choice to do a Ph.D. or not compared to the counterfactual person who made an opposite choice.

As an example, an Ivy graduate makes more than state school graduate on average, but there was a study showing that those offered Ivy admission but deciding to go to a state school made just as much (that study setup has its own selection bias issues, but hopefully those gives an idea of what I mean).

Re: PhDs Can't Find Work as Boston's Biotech Engine Sputters

#13
post #8
post #6

Earlier quoted context omitted.

As far as I know, the data says otherwise: A college degree leads to much higher lifetime income. > do more interesting and valuable work It depends what you find interesting. Research is very interesting to a lot of poeple.

Pretty sure they’re talking about graduate degrees and academia as an occupation, not getting a bachelor’s in order to join the white collar workforce.

> graduate degrees and academia as an occupation

Yes, that's what I meant by 'doing research': People really have deep passion for it - knowledge, being on the frontier of it and generating new knowledge.

Re: PhDs Can't Find Work as Boston's Biotech Engine Sputters

#14

Earlier quoted context omitted.

> they’re talking about graduate degrees and academia as an occupation PhDs have the lowest unemployment rate of any education bracket, and roughly match the earnings of professional-degree holders ( e.g. MBAs) [1]. [1] https://www.bls.gov/careeroutlook/2025/data-on-display/educa...

Yes, but that’s not the relevant datum, because of selection effects. The relevant question is how well employed is the person who had a choice to do a Ph.D. or not compared to the counterfactual person who made an opposite choice. As an example, an Ivy graduate makes more than state school graduate on average, but there was a study showing that those offered Ivy admission but deciding to go to a state school made ju…

> because of selection effects

We're literally measuring a selection effect: that of pursuing a graduate degree.

> there was a study showing that those offered Ivy admission but deciding to go to a state school made just as much

Source?

I'm not rejecting the hypothesis that this is a measurement error. But it's been observed across multiple countries for several generations. The burden of proof is on the hot take that graduate degrees in general are a bad economic bet. (Note: I don't have a PhD. I went to a state school. So you're hypothesis is tempting to believe, hence my scepticism.)

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